# In the matter of Satkar Container Lines Pvt. Ltd. (IB)-920(ND)2018

> NCLT judgment dated 2019-07-17. Citation: TCN-2019-NCLT-02472. HDFC, as a secured creditor, filed CA-833/2019 seeking permission to sell two hypothecated…

- **Court:** NCLT
- **Order date:** 17 Jul 2019
- **Citation:** TCN-2019-NCLT-02472
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/satkar-container-lines-pvt-ltd-ib-920nd2018-62c20d73

## Summary

### Background

HDFC, as a secured creditor, filed CA-833/2019 seeking permission to sell two hypothecated vehicles (DL12CL8014 & DL12CL8837) of the Corporate Debtor to reduce outstanding liability. The Resolution Professional (RP) filed CA-562/2019 seeking dissolution of the Corporate Debtor without liquidation due to a lack of assets.

## Facts

HDFC filed CA-833/2019 as a secured creditor of the Corporate Debtor, seeking permission to sell two vehicles (DL12CL8014 & DL12CL8837) that were hypothecated in their favor. The purpose of the sale was to reduce the outstanding liability. Documents substantiating the hypothecation were filed, and a valuation report was procured. The RP filed CA-562/2019, stating that the Corporate Debtor had no assets to liquidate and seeking dissolution without liquidation. The CoC authorized the RP to seek dissolution in its 4th meeting dated March 25, 2019. The RP's application was supported by an affidavit. The RP stated that there were no assets to liquidate.

## Issues and analysis

### Issue 1: Whether HDFC should be permitted to sell the hypothecated vehicles of the Corporate Debtor to …

**Ratio:** A secured creditor has the right to realize its security interest over the assets of the

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**Reasoning:** The court considered the facts presented by HDFC, including the hypothecation documents

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**Interpretation:** This issue involves the interpretation of the rights of a secured creditor

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**Application:** The court applied the principle that a secured creditor can realize its

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Appellants:** HDFC…
- **Respondents:** M/s. Kandla…

## Timeline

- **2019-07-17 — Hearing…**: Hearing before the New Delhi Bench of…
- **2019-03-25 — CoC Meet…**: The Committee of Creditors (CoC) in its 4th meeting authorized the Resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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